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Elon Musk’s X is now worth less than a quarter of its $44 billion purchase price (techcrunch.com)
submitted 2 years ago by to c/technology@lemmy.world
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"Fidelity is currently valuing X at about $9.4 billion"

I found this funny.

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[–] 269 points 2 years ago (6 children)

Honestly terrifying that they still think it is worth that much.

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  • [–] 116 points 2 years ago (2 children)

    they still own the twitter trademark, that might be their biggest asset

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  • [–] 62 points 2 years ago (2 children)

    If someone were to buy it, ban the Nazis and get advertisers to come back it's still salvageable, I guess. The longer Musk owns it, the bigger the chance is that it'll become the next MySpace.

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  • [–] 14 points 2 years ago (1 child)

    At least the MySpace guy was able to run a fun site, cash out before social media became crazy, and spend the rest of his life having fun with that money.

    Trump will lose, and Musk will be holding on to a useless site that serves nothing. He'll probably sell for a fraction of what he paid (not that it was his money in the first place), but by that point it'll be too late. Twitter will be long dead.

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  • [–] 4 points 2 years ago (1 child)

    I doubt the saudis will be very happy if Musk doesn’t repay them their investment. I’m surprised they haven’t threatened him into stepping down and handing their investment to someone who can properly manage a social media platform already

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  • [–] 4 points 2 years ago

    That'll probably be what happens if Trump loses. Musk didn't spend "his" money so it's no loss, and many from the Middle East have wanted control of Twitter ever since the Arab Spring.

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  • [–] -2 points 2 years ago (2 children)

    This is the stock market, the value is set by what investors think the value could be. Mostly, they're probably assuming people would come back if he sold it. Literally everyone knows the name Twitter.

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  • [–] 21 points 2 years ago (1 child)

    This actually isn't the stock market, Twitter isn't publicly traded since being bought.

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  • [–] 3 points 2 years ago (1 child)

    Just because it's not publicly traded, doesn't mean that there isn't stock nor that there's no market. Usually, you can technically still buy/sell the stock, just not as a random member of the public on a public stock exchange like the NYSE or FTSE.

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